The minister of Petroleum of Ecuador says more countries outside OPEC may join the agreement on oil production freeze at the next meeting, scheduled for November

MOSCOW, May 25. /TASS/. Cooperation between OPEC countries and the countries outside the cartel will continue beyond the agreement on reduction of oil production, Russia’s Energy Minister Alexander Novak said at a press conference following the meeting of the ministers of the oil producing countries.

"Cooperation between OPEC countries and non-OPEC countries will continue, and we will cooperate not only as part of those goals for balancing the market, but also in a bilateral and multilateral formats," he said.

"We discussed this today at the ministerial committee," he added. The minister said the next meeting of the monitoring committee will be held in Russia on July 23-25.

"The work of the ministerial committee from representatives of the OPEC countries and non-OPEC members will continue, it will meet once every two months, also technical the meetings of experts analyzing the situation on the markets on monthly basis will continue," he said.

At the same time, Novak stressed that the committee, if necessary, may meet more often than once every two months.

"Undoubtedly, we all have a positive effect (from the agreement reached - TASS) - both the producing countries and consuming countries," the Russian minister said. Russia’s Energy Ministry retains the principle of an equal distribution of production quotas among Russian companies, he said. "We keep the same principle (we discussed it with the companies) - on a prop rata basis the total production volume. Nothing should be changed, the companies have already achieved these indicators, they just have to maintain them and not to exceed them," he said.

Russia’s Energy Ministry does not change forecast for oil price at $50-60 per barrel until the end of 2017, he said. Oil production forecast for Russia will be adjusted downwards by 4 mln tonnes, he went on. "I do not change my forecast, our forecasts were between $50 and $60 per barrel, so I think this range will remain," Novak said, adding that he was talking about prices "for the whole year."

Good result

The meeting of OPEC and the countries outside the cartel has ended in Vienna, the result is good, UAE Energy Minister Suhail Mohammed Faraj Al Mazroui said.

"A very good result," the minister said, leaving the secretariat building. He did not answer questions about the essence of the decision.

Oil Price

Few more countries outside OPEC may join the agreement on oil production freeze at the next meeting, scheduled for November, Minister of Petroleum of Ecuador Carlos Perez told journalists.

"New countries outside OPEC may join at the next meeting in November," he said but refused to name the countries. OPEC ministers and countries outside OPEC discussed impact of US shale mining at the meeting, he added.

The minister said convenient oil price for OPEC is between $55-60 per barrel.

Next meeting

The next meeting of OPEC and the countries outside the cartel will be held on November 30, 2017, the Nigerian Oil Ministry reports.

"The approved date for the 173rd meeting of OPEC and the third meeting with non-OPEC countries is November 30, 2017," the statement said.

OPEC expects Turkmenistan and Egypt to join

Saudi Oil Minister Khalid al-Falih said that OPEC expects Turkmenistan and Egypt to join oil output cut deal. Oil stocks will decline to five years average by the end of the year, he added.

The IPO of the Saudi oil company Saudi Aramco did not affect the decision of the OPEC countries and the countries outside the cartel to extend the agreement on oil production cut by nine months, the minister said. "No," he said, answering the corresponding question.